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Real Estate and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Components of Investments in Real Estate

The following table sets forth the components of our investments in real estate as of March 31, 2022 and December 31, 2021, respectively (dollars in thousands):

						March 31, 2022						December 31, 2021
Real estate:
Land (1)						$	150,589					$	149,773
Building and improvements						1,019,020						1,004,362
Tenant improvements						71,319						71,123
Accumulated depreciation						(276,612)						(266,672)
Real estate, net						$	964,316					$	958,586

(1)This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.

Acquisitions

We acquired two properties during the three months ended March 31, 2022, and one property during the three months ended March 31, 2021. The acquisitions are summarized below (dollars in thousands):

Three Months Ended						Aggregate Square Footage						Weighted Average Lease Term						Aggregate Purchase Price						Aggregate Capitalized Acquisition Costs
March 31, 2022			(1)			136,000						10.2 years						$	13,463					$	163
March 31, 2021			(2)			180,152						14.2 years						$	11,146					$	146

(1)On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the property.

(2)On January 22, 2021, we acquired a 180,152 square foot property in Findlay, Ohio for $11.1 million. The property is fully leased to one tenant and had 14.2 years of remaining lease term at the time we acquired the property.

Fair Value of Assets Acquired and Liabilities Assumed

We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the three months ended March 31, 2022 and 2021, respectively, as follows (dollars in thousands):

						Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
Acquired assets and liabilities						Purchase price						Purchase price
Land						$	816					$	258
Building						10,250						8,759
Tenant Improvements						196						88
In-place Leases						847						817
Leasing Costs						525						803
Customer Relationships						567						294
Above Market Leases						279						127
Below Market Leases						(17)			(1)			—
Total Purchase Price						$	13,463					$	11,146

(1)This amount includes $17 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.

Future Lease Payments From Tenants

Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2022 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

Year			Tenant Lease Payments
Nine Months Ending 2022			$	88,866
2023			110,944
2024			104,954
2025			101,197
2026			92,659
2027			74,431
Thereafter			284,547
			$	857,598

Lease Revenue

The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2022 and 2021, respectively (dollars in thousands):

						For the three months ended March 31,
						(Dollars in Thousands)
Lease revenue reconciliation						2022						2021						$ Change						% Change
Fixed lease payments						$	31,332					$	30,757					$	575					1.9		%
Variable lease payments						4,199						3,920						279						7.1		%
						$	35,531					$	34,677					$	854					2.5		%

Carrying Value of Intangible Assets and Accumulated Amortization

The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of March 31, 2022 and December 31, 2021, respectively (dollars in thousands):

						March 31, 2022												December 31, 2021
						Lease Intangibles						Accumulated Amortization						Lease Intangibles						Accumulated Amortization
In-place leases						$	106,738					$	(64,497)					$	105,891					$	(62,604)
Leasing costs						82,974						(45,477)						81,487						(43,982)
Customer relationships						72,489						(39,572)						71,922						(38,220)
						$	262,201					$	(149,546)					$	259,300					$	(144,806)
						Deferred Rent Receivable/(Liability)						Accumulated (Amortization)/Accretion						Deferred Rent Receivable/(Liability)						Accumulated (Amortization)/Accretion
Above market leases						$	15,817					$	(11,718)					$	15,538					$	(11,520)
Below market leases and deferred revenue						(51,581)						22,284						(48,241)						21,471

Weighted Average Amortization Periods

The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the three months ended March 31, 2022 and 2021, respectively, were as follows:

Intangible Assets & Liabilities						2022						2021
In-place leases						10.7						14.2
Leasing costs						10.7						14.2
Customer relationships						16.1						19.2
Above market leases						12.7						14.2
Below market leases						7.1						0.0
All intangible assets & liabilities						11.9						15.4

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